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Moving away from the traditional model

Until now, Globitex has taken Euro fiat deposits like most other cryptocurrency exchanges. That meant they had custody of your money and the withdrawal process was sluggish.

As it provides users with an IBAN number, the EURO Wallet means users are controlling their money.

On top of that, it means transactions can be made instantaneously. For instance, if I exchange bitcoin for euros with Globitex, the fiat currency is deposited into an IBAN account as soon as the conversion is complete.

Once that is done, I can then instantly withdraw the money into my account as opposed to waiting for a transfer from the exchange to my bank account.

As the account has an IBAN number, it also means that a user can make SEPA transfers which are usually instant. Moreover, it means that a user can make third-party payments with their Globitex account.